According to market sources,
wire rod prices in the local Saudi Arabian market have been at SAR 1,875/mt ($500/mt) ex-works during the current week. Chinese producers have returned from the New Year holiday with offers to the Saudi Arabian market in the range of $390-410/mt CFR this week. Market sources state that some Saudi buyers have been hesitating due to quality concerns as regards Chinese chrome-added products, while some other buyers continue to evaluate Chinese offers as they are considered more attractive than local prices. However, in general demand for locally produced
wire rod is stronger than the demand for imported products.
$1 = SAR 3.75